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COMPANY FINALYTICS

BharatPetroleumCorporationLtd

Exclusive Financial Analysis of Indian Companies

PreparedandEditedBy
TanayRoy,CFA
PeuKarak,MBA

Disclaimer

Theinformation,opinions,estimatesandforecastscontainedinthisdocumenthavebeenarrivedatorobtainedfrompublicsourcesbelieved
tobereliableandingoodfaithwhichhasnotbeenindependentlyverifiedandnowarranty,expressorimplied,ismadeastotheiraccuracy,
completenessorcorrectness.

Formoreinformationaboutthissampleandourotherservices,pleasewritetotanay.roy2008@gmail.com

Tuesday,September13,2011
Description Page

Summary 3
LatestResult 3
ValuationMatrix 3
ROEAnalysis 3

IncomeStatement 4

BalanceSheet 5

CashflowStatement 6

QuarterlyResult 6

GrowthAnalysis 7

ComparativeAnalysis 8
IncomeStatement 8
BalanceSheet 8

IndexAnalysis 9
IncomeStatement 9
BalanceSheet 9

RatioAnalysis 10
Annual 10
Quarterly 11

TTMAnalysis 11

TechnicalAnalysis 12
CONTENT

AboutTanay&Peu
Ourpassionliesinthefieldoffinancialresearch&Investmentmanagementandweintendtoapply
ourknowledgegainedoveraperiodofyearsthroughintensestudyandkeenobservationofthe
nuancesoffinancialmarketsandinstrumentstoreallifescenarios.Wepossessexpertknowledgeof
financialproductsandmarketsasevidencedbytopnotchqualificationsearnedbyus,allinthefirst
attemptandkeepourselvesabreastwiththelatesthappeningsandinnovationstakingplacein
financiallandscape.

1.ExpertiseinPortfolioManagement,Productoptimization,ProductperformanceAnalysis,Financial
Reporting/Planning,CashFlowAnalysis,RatioAnalysis,Budgeting,Forecasting,Mergers&
AcquisitionandknowledgeofGAAP/IFRS
2.PossessStrongFinancialModelingskillsincludingDCF,LBOandothertechniques.Possessabilityto
researchallassetclassesinabroadrangeofindustriesandgeographies.
3.Strongequityresearch,finance,accountingandadvisoryandassuranceexperience
4.ExpertiseinTechnicalanalysis,fundamentalanalysis,developingtradingsystems.
5.Conductindepthfinancialanalysisofcompanyfinancials.
6.Writeanalyticalortrendbasedreportsoncompanies,sectorsormarkets.
7.ExpertlevelapplicationinBloomberg,ThomsonBanker,Factset,Datastream,StockVal,Merger
markets,ReutersKnowledge,HaverAnalytics,Factiva,PackHedge,
8.BuildingExcel/VBAbasedcustomizedtoolstoperformdetailedanalysis.

ContactUs:tanay.roy2008@gmail.com

Page2
Summary

AtaGlance

LatestResults Industry Refineries


Yearly Quarterly TTM BusinessGroup PublicSector

March'11 Growth June'11 Growth June'11 Growth FaceValue 10


LatestResults
NumberofEquityshares 3615.42
EBDITA 5178.92 0.29 (1736.90) 30.21 4516.94 (12.61)
ReportedNet
Profit 1546.68 0.59 (2561.89) (219.59) 702.89 (54.55) Price 662.15

AdjustedPAT 1646.50 (0.01) (2561.89) (219.59) NA NA


MarketCap(Rs.InCr) 23939.50

ValuationMatrix ShareHolding

Annual TTMRatio General


Particulars March'11 March'11 Public
Other
3%
15%
ReportedP/E 15.48 15.48
FII
Price/SalesPerShare 0.16 0.16 7%
Price/BookValue 1.70 NA
DividendYield 0.02 NA
BFI
EarningYield 0.06 0.06
10% Promote
MarketCap(Rs.InCr) 23939.50 MF r
10% 55%

ROEAnalysis
ROE
Particulars March'07 March'08 March'09 March'10 March'11 25%
20%
ReportedPAT/PBT 0.58 0.67 0.26 0.53 0.64
15%
AdjustedPAT/PBT 0.69 0.57 0.91 0.72 0.68 10%
PBT/PBIT 0.87 0.78 0.56 0.74 0.69 5%
PBIT/Sales 0.04 0.03 0.04 0.03 0.02 0%

Sales/TotalAssets 2.83 2.56 2.79 2.21 2.71 March' March' March' March' March'
07 08 09 10 11
TotalAssets/NetWorth 3.32 3.69 3.96 4.15 3.98
ReportedROE 19% 15% 6% 11% 10% ReportedROE AdjustedROE
AdjustedROE 23% 13% 23% 15% 10%

ROEFactors
20% 4.50
18% 4.00
16% 3.50
14% 3.00
12%
2.50
10%
2.00
8%
6% 1.50
4% 1.00
2% 0.50
0% 0.00
March'07 March'08 March'09 March'10 March'11

ReportedROE ReportedPAT/PBT PBT/PBIT


PBIT/Sales Sales/TotalAssets TotalAssets/NetWorth

Page3
IncomeStatement
Particulars(Rs.InCr) March'07 March'08 March'09 March'10 March'11
NetSales 96556.85 110208.13 134073.43 120216.99 151482.39
OperatingExpenses
MaterialConsumed 88539.75 102136.48 123567.17 109894.18 138971.98
ManufacturingExpenses 310.08 291.29 414.26 621.84 886.02
PersonnelExpenses 1003.70 1297.21 1884.88 2141.12 2802.85 OperatingIncome
SellingExpenses 1875.82 2052.39 2426.14 2585.47 0.00
160000.00
AdminstrativeExpenses 1109.72 1279.79 1240.35 1489.82 5397.59
140000.00
ExpensesCapitalised 0.00 0.00 0.00 0.00 0.00
120000.00
TotalOperatingExpenses 92839.07 107057.16 129532.80 116732.43 148058.44
100000.00
OperatingProfit 3717.78 3150.97 4540.63 3484.56 3423.95
80000.00
OtherIncome 768.63 982.98 1491.16 1679.64 1754.97
60000.00
EBDITA 4486.41 4133.95 6031.79 5164.20 5178.92
40000.00
Depreciation 904.11 1098.21 1075.53 1242.32 1655.40
OtherWriteoffs 0.00 0.00 0.00 0.00 0.00 20000.00
EBIT 3582.30 3035.74 4956.26 3921.88 3523.52 0.00
Interest 477.35 672.47 2166.37 1010.95 1100.78
EBT 3104.95 2363.27 2789.89 2910.93 2422.74
IncomeTax 955.33 1010.00 261.12 823.75 776.24
AdjustedPAT 2149.62 1353.27 2528.77 2087.18 1646.50 NetSales OperatingProfit EBDITA
NonRecurringItems (217.64) 108.65 (1789.90) (489.45) 0.00
OtherNonCashadjustments (126.50) 118.65 (2.97) (60.11) (99.82)
ReportedNetProfit 1805.48 1580.57 735.90 1537.62 1546.68

EquityDividend 578.47 144.62 253.08 506.16 506.16


PreferenceDividend 0.00 0.00 0.00 0.00 0.00
DividendTax 91.87 9.16 31.45 72.77 71.08
RetainedEarnings 1135.14 1426.79 451.37 958.69 969.44

ProfitLevels TotalIncomeBreakup
7000.00
TotalOperatingExpenses Depreciation

6000.00 OtherWriteoffs Interest


IncomeTax AdjustedPAT
5000.00

4000.00
0%
1%
1%
0%
1%
3000.00

2000.00

1000.00

0.00
March'07 March'08 March'09 March'10 March'11

97%
OperatingProfit EBDITA EBIT
EBT AdjustedPAT

Page4
BalanceSheet
Particulars(Rs.InCr) March'07 March'08 March'09 March'10 March'11
SOURCESOFFUNDS
Owner'sFund
EquityShareCapital 361.54 361.54 361.54 361.54 361.54
ShareApplicationMoney 0.00 0.00 0.00 0.00 0.00
PreferenceShareCapital 0.00 0.00 0.00 0.00 0.00
Reserves&Surplus 9912.00 11315.30 11766.57 12725.17 13696.08
TotalOwnersfund 10273.54 11676.84 12128.11 13086.71 14057.62
LoanFunds
SecuredLoans 2593.96 2730.21 3661.60 10443.87 4033.10
UnsecuredLoans 8235.28 12292.17 17509.81 11751.33 14938.77
TotalLoanfund 10829.24 15022.38 21171.41 22195.20 18971.87
CapitalStructure
Total 21102.78 26699.22 33299.52 35281.91 33029.49
25000.00
USESOFFUNDS
FixedAssets
GrossBlock 19457.58 21500.93 22522.33 25412.52 29334.23 20000.00
Less:RevaluationReserve 0.00 0.00 0.00 0.00 0.00
Less:Accumulated
Depreciation 8476.53 9532.26 10556.54 11743.17 13334.90 15000.00
NetBlock 10981.05 11968.67 11965.79 13669.35 15999.33
CapitalWorkinprogress 852.34 766.71 2037.48 2517.75 1012.23
Investments 7385.42 9358.01 16715.19 12201.32 11377.96 10000.00
NetCurrentAssets
CurrentAssets,Loans&
Advances 14841.40 20971.33 17275.18 25928.12 27605.83 5000.00
Less:CurrentLiabilities&
Provisions 12957.44 16365.51 14694.12 19034.63 22965.86
TotalNetCurrentAssets 1883.96 4605.82 2581.06 6893.49 4639.97
0.00
Miscellaneousexpensesnot
written 0.00 0.00 0.00 0.00 0.00 March'March'March'March'March'
Total 21102.77 26699.21 33299.52 35281.91 33029.49 07 08 09 10 11

Note:
TotalOwnersfund TotalLoanfund
BookValueofUnquoted
Investments 636.48 707.04 1118.63 1385.62 3594.54
MarketValueofQuoted
Investments 7369.30 9628.55 15338.25 12137.83 9871.70
Contingentliabilities 3590.62 5083.23 5862.61 5682.54 5535.17
NumberofEquityshares
outstanding(inLacs) 3615.42 3615.42 3615.42 3615.42 3615.42

SourcesofCapital Applicationofcapital
TotalNet
CurrentAssets
14%

TotalOwners
fund NetBlock
43% 48%
TotalLoan Investments
fund 35%
57%

CapitalWork
inprogress
3%

Page5
CashFlowStatement
Particulars(Rs.InCr) March'06 March'07 March'08 March'09 March'10

ProfitBeforeTax 390.60 1017.57 2471.91 2887.95 2421.48


NetCashFlowOperating
NetCashFlow
Activity 1349.92 6212.34 417.13 4646.65 (1515.15)
NetCashUsedInInvesting
652.09
Activity (4616.77) (9908.75) (3553.95) (5899.60) 1538.43
NetCashUsedinFin.Activity 6212.34 4646.65 1538.43
(626.12) (2285.32) (197.74) (323.65) 652.09 1349.92 417.13
NetInc/DecInCashAnd
Equivlnt (3892.98) (5981.73) (3334.56) (1576.59) 675.37 (1515.15)
(9908.75) (5899.60)
CashAndEquivalntBeginof (4616.77)
(3553.95)
Year (2335.54) (11139.67) (7805.11) (6228.52) (17121.40) (323.65)
(2285.32)
CashAndEquivalntEndOf (626.12)
Year (6228.52) (17121.40) (11139.67) (7805.11) (16446.03) (197.74)

NetCashFlowOperatingActivity
NetCashUsedInInvestingActivity
NetCashUsedinFin.Activity

QuarterlyResult
September'
Particulars(Rs.InCr) June'10 10 December'10 March'11 June'11

Sales 34,232.52 45,271.97 36,685.93 35,434.77 46,139.61


Less:Excise 0.00 0.00 0.00 0.00 0.00
NetSales 34,232.52 45,271.97 36,685.93 35,434.77 46,139.61
ProfitLevels
OtherIncome 320.88 510.08 310.29 533.59 427.32
TotalIncome 34,553.40 45,782.05 36,996.22 35,968.36 46,566.93

StockAdjustment (323.02) (450.49) 836.17 (2,118.71) (631.72)


RawMaterial 15,332.45 16,991.30 14,745.03 15,661.62 19,244.44
PowerAndFuel 0.00 0.00 0.00 0.00 0.00
EmployeeExpenses 541.23 1,239.42 569.58 452.62 657.43
AdminAndSellingExpenses 0.00 0.00 0.00 0.00 0.00
ResearchAndDevlopmentExpe 0.00 0.00 0.00 0.00 0.00
ExpensesCapitalised 0.00 0.00 0.00 0.00 0.00
OtherExpeses 20,087.75 25,827.19 19,786.32 18,952.74 29,033.68
TotalExpenses 35,638.41 43,607.42 35,937.10 32,948.27 48,303.83
EBDITA (1,085.01) 2,174.63 1,059.12 3,020.09 (1,736.90)
ProvisionsMade 0.00 0.00 0.00 0.00 0.00
Depreciation 400.74 482.77 370.00 401.89 490.07
EBIT (1,485.75) 1,691.86 689.12 2,618.20 (2,226.97)
Interest 232.35 315.71 274.74 277.98 334.92
EBT (1,718.10) 1,376.15 414.38 2,340.22 (2,561.89)
Taxation 0.00 440.97 227.00 198.00 0.00
NetProfit/Loss (1,718.10) 935.18 187.38 2,142.22 (2,561.89)
ExtraOrdinaryItem 0.00 0.00 0.00 0.00 0.00 EBDITA EBIT
PriorYearAdjustments 0.00 0.00 0.00 0.00 0.00
EBT NetProfit/Loss

Page6
GrowthAnalysis
Average
Particulars(%) March'08 March'09 March'10 March'11 Growth 5yearCAGR
NetSales 14.14 21.65 (10.33) 26.01 13.05 9.42
OperatingExpenses 0.00 0.00
MaterialConsumed 15.36 20.98 (11.07) 26.46 13.00 9.44
ManufacturingExpenses (6.06) 42.22 50.11 42.48 39.86 23.37
PersonnelExpenses 29.24 45.30 13.59 30.91 28.43 22.80
SellingExpenses 9.41 18.21 6.57 (100.00) (33.45) (100.00)
AdminstrativeExpenses 15.33 (3.08) 20.11 262.30 111.87 37.21
ExpensesCapitalised 0.00 0.00 0.00 0.00 0.00 0.00
TotalOperatingExpenses 15.31 20.99 (9.88) 26.84 13.50 9.78
OperatingProfit (15.25) 44.10 (23.26) (1.74) (0.38) (1.63)
OtherIncome 27.89 51.70 12.64 4.48 18.71 17.95
EBDITA (7.86) 45.91 (14.38) 0.29 4.20 2.91
Depreciation 21.47 (2.07) 15.51 33.25 19.69 12.86
OtherWriteoffs 0.00 0.00 0.00 0.00 0.00 0.00
EBIT (15.26) 63.26 (20.87) (10.16) 0.80 (0.33)
Interest 40.88 222.15 (53.33) 8.89 36.08 18.19
EBT (23.89) 18.05 4.34 (16.77) (4.19) (4.84)
IncomeTax 5.72 (74.15) 215.47 (5.77) 48.08 (4.07)
AdjustedPAT (37.05) 86.86 (17.46) (21.11) (0.01) (5.19)
NonRecurringItems 149.92 (1747.40) 72.65 100.00 (272.69) (100.00)
OtherNonCashadjustments 193.79 (102.50) (1923.91) (66.06) (604.72) (4.63)
ReportedNetProfit (12.46) (53.44) 108.94 0.59 20.98 (3.05)
EquityDividend (75.00) 75.00 100.00 0.00 37.50 (2.64)
PreferenceDividend 0.00 0.00 0.00 0.00 0.00 0.00
DividendTax (90.03) 243.34 131.38 (2.32) 78.15 (5.00)
RetainedEarnings 25.69 (68.36) 112.40 1.12 23.07 (3.11)

GrowthFactors 5YearCAGR
100.00 20.00

80.00
15.00
60.00

40.00
10.00
20.00

0.00 5.00
March'08 March'09 March'10 March'11
(20.00)

(40.00) 0.00

(60.00)
(5.00)
NetSales TotalOperatingExpenses
EBDITA EBT
AdjustedPAT (10.00)

Page7
ComparativeAnalysis
IncomeStatement
Particulars(Rs.InCr) March'07 March'08 March'09 March'10 March'11
NetSales 100.00 100.00 100.00 100.00 100.00
MaterialConsumed 91.70 92.68 92.16 91.41 91.74
ManufacturingExpenses 0.32 0.26 0.31 0.52 0.58 ComparativeNetSales
PersonnelExpenses 1.04 1.18 1.41 1.78 1.85
SellingExpenses 1.94 1.86 1.81 2.15 0.00
AdminstrativeExpenses 1.15 1.16 0.93 1.24 3.56
ExpensesCapitalised 0.00 0.00 0.00 0.00 0.00
TotalOperatingExpenses 96.15 97.14 96.61 97.10 97.74
OperatingProfit 3.85 2.86 3.39 2.90 2.26
OtherIncome 0.80 0.89 1.11 1.40 1.16
EBDITA 4.65 3.75 4.50 4.30 3.42
Depreciation 0.94 1.00 0.80 1.03 1.09
OtherWriteoffs 0.00 0.00 0.00 0.00 0.00
EBIT 3.71 2.75 3.70 3.26 2.33
Interest 0.49 0.61 1.62 0.84 0.73
March' March' March' March' March'
EBT 3.22 2.14 2.08 2.42 1.60 07 08 09 10 11
IncomeTax 0.99 0.92 0.19 0.69 0.51
TotalOperatingExpenses
AdjustedPAT 2.23 1.23 1.89 1.74 1.09 OtherIncome
Depreciation
NonRecurringItems (0.23) 0.10 (1.34) (0.41) 0.00 OtherWriteoffs
Interest
OtherNonCashadjustments (0.13) 0.11 0.00 (0.05) (0.07)
ReportedNetProfit 1.87 1.43 0.55 1.28 1.02

BalanceSheet
Particulars(Rs.InCr) March'07 March'08 March'09 March'10 March'11
SOURCESOFFUNDS
EquityShareCapital 1.71 1.35 1.09 1.02 1.09
ShareApplicationMoney 0.00 0.00 0.00 0.00 0.00 ComparativeAnalysisSourceof
PreferenceShareCapital 0.00 0.00 0.00 0.00 0.00 Fund
Reserves&Surplus 46.97 42.38 35.34 36.07 41.47
TotalOwnersfund 48.68 43.73 36.42 37.09 42.56 45.23
41.47
SecuredLoans 12.29 10.23 11.00 29.60 12.21
UnsecuredLoans 39.02 46.04 52.58 33.31 45.23
TotalLoanfund 51.32 56.27 63.58 62.91 57.44
Total 100.00 100.00 100.00 100.00 100.00
12.21

USESOFFUNDS 1.09 0.00 0.00


FixedAssets
GrossBlock 92.20 80.53 67.64 72.03 88.81
Less:RevaluationReserve 0.00 0.00 0.00 0.00 0.00
Less:Accumulated
Depreciation 40.17 35.70 31.70 33.28 40.37
NetBlock 52.04 44.83 35.93 38.74 48.44
CapitalWorkinprogress 4.04 2.87 6.12 7.14 3.06

Investments 35.00 35.05 50.20 34.58 34.45

NetCurrentAssets
CurrentAssets,Loans& 70.33 78.55 51.88 73.49 83.58
Less:CurrentLiabilities&
Provisions 61.40 61.30 44.13 53.95 69.53
TotalNetCurrentAssets 8.93 17.25 7.75 19.54 14.05
Miscellaneousexpensesnot
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 100.00 100.00 100.00 100.00

Page8
IndexAnalysis
IncomeStatement
Particulars March'07 March'08 March'09 March'10 March'11
NetSales 100.00 114.14 138.85 124.50 156.88
OperatingExpenses
MaterialConsumed 100.00 115.36 139.56 124.12 156.96
ProfitIndex
ManufacturingExpenses 100.00 93.94 133.60 200.54 285.74
PersonnelExpenses 100.00 129.24 187.79 213.32 279.25
SellingExpenses 100.00 109.41 129.34 137.83 0.00
AdminstrativeExpenses 100.00 115.33 111.77 134.25 486.39
ExpensesCapitalised 0.00 0.00 0.00 0.00 0.00
TotalOperatingExpenses 100.00 115.31 139.52 125.74 159.48
OperatingProfit 100.00 84.75 122.13 93.73 92.10
OtherIncome 100.00 127.89 194.00 218.52 228.32 March' March' March' March' March'
EBDITA 100.00 92.14 134.45 115.11 115.44 07 08 09 10 11
Depreciation 100.00 121.47 118.96 137.41 183.10
OtherWriteoffs 0.00 0.00 0.00 0.00 0.00
EBIT 100.00 84.74 138.35 109.48 98.36 EBIT
EBT
Interest 100.00 140.88 453.83 211.78 230.60 AdjustedPAT
EBT 100.00 76.11 89.85 93.75 78.03 ReportedNetProfit
NetSales
IncomeTax 100.00 105.72 27.33 86.23 81.25
AdjustedPAT 100.00 62.95 117.64 97.10 76.59
NonRecurringItems 100.00 (49.92) 822.41 224.89 0.00
OtherNonCashadjustments 100.00 (93.79) 2.35 47.52 78.91
ReportedNetProfit 100.00 87.54 40.76 85.16 85.67

BalanceSheet
Particulars March'07 March'08 March'09 March'10 March'11
SOURCESOFFUNDS
EquityShareCapital 100.00 100.00 100.00 100.00 100.00
ShareApplicationMoney 0.00 0.00 0.00 0.00 0.00 LiabilityIndex
PreferenceShareCapital 0.00 0.00 0.00 0.00 0.00
Reserves&Surplus 100.00 114.16 118.71 128.38 138.18
TotalOwnersfund 100.00 113.66 118.05 127.38 136.83
LoanFunds
SecuredLoans 100.00 105.25 141.16 402.62 155.48
UnsecuredLoans 100.00 149.26 212.62 142.69 181.40
TotalLoanfund 100.00 138.72 195.50 204.96 175.19
Total 100.00 126.52 157.80 167.19 156.52

USESOFFUNDS March' March' March' March' March'


FixedAssets 07 08 09 10 11
GrossBlock 100.00 110.50 115.75 130.60 150.76
Less:RevaluationReserve 0.00 0.00 0.00 0.00 0.00 TotalOwnersfund TotalLoanfund
Less:Accumulated 100.00 112.45 124.54 138.54 157.32
NetBlock 100.00 108.99 108.97 124.48 145.70
CapitalWorkinprogress 100.00 89.95 239.05 295.39 118.76
Investments 100.00 126.71 226.33 165.21 154.06
NetCurrentAssets
CurrentAssets,Loans&
Advances 100.00 141.30 116.40 174.70 186.01
Less:CurrentLiabilities&
Provisions 100.00 126.30 113.40 146.90 177.24
TotalNetCurrentAssets 100.00 244.48 137.00 365.90 246.29
Miscellaneousexpensesnot
written 0.00 0.00 0.00 0.00 0.00
Total 100.00 126.52 157.80 167.19 156.52

Page9
RatioAnalysis
Particulars(Yearly) March'07 March'08 March'09 March'10 March'11
PERSHARERATIOS
AdjustedEPS(Rs.) 59.46 37.43 69.94 57.73 45.54
AdjustedCashEPS(Rs.) 84.46 67.81 99.69 92.09 91.33
ReportedEPS(Rs.) 49.94 43.72 20.35 42.53 42.78
ReportedCashEPS(Rs.) 74.95 74.09 50.10 76.89 88.57
DividendPerShare 16.00 4.00 7.00 14.00 14.00 PerShareRatio
OperatingProfitPerShare 5000.00
(Rs.) 102.83 87.15 125.59 96.38 94.70 4000.00
BookValue(ExclRevRes)Per
Share(Rs.) 3000.00
284.16 322.97 335.46 361.97 388.83
BookValue(InclRevRes)Per 2000.00
Share(Rs.) 284.16 322.97 335.46 361.97 388.83 1000.00
NetOperatingIncomePer
0.00
Share(Rs.) 2670.69 3048.28 3708.38 3325.12 4189.90
FreeReservesPerShare(Rs.) 273.74 312.56 316.74 323.90 0.00 March'March'March'March'March'
07 08 09 10 11
PROFITABILITYRATIOS
OperatingMargin(%) 3.85 2.85 3.38 2.89 2.26
GrossProfitMargin(%) 2.91 1.86 2.58 1.86 1.16 NetOperatingIncomePerShare(Rs.)
NetProfitMargin(%) 1.85 1.42 0.54 1.26 1.00 AdjustedEPS(Rs.)
AdjustedCashMargin(%) 3.13 2.20 2.65 2.73 2.15 AdjustedCashEPS(Rs.)
AdjustedReturnOnNet
DividendPerShare
Worth(%) 20.92 11.58 20.85 15.94 11.71
ReportedReturnOnNet BookValue(InclRevRes)PerShare(Rs.)
Worth(%) 17.57 13.53 6.06 11.74 11.00
ReturnOnlongTermFunds
(%) 28.81 19.46 31.19 15.52 10.66
LEVERAGERATIOS ProfitMargin
LongTermDebt/Equity 0.21 0.33 0.30 0.93 1.35
60.00
TotalDebt/Equity 1.05 1.29 1.75 1.70 1.35
Ownersfundas%oftotal 50.00
Source 48.68 43.73 36.42 37.09 42.56 40.00
FixedAssetsTurnoverRatio 4.98 5.14 5.97 4.75 5.16
30.00
LIQUIDITYRATIOS
20.00
CurrentRatio 1.15 1.28 1.18 1.36 1.20
CurrentRatio(Inc.STLoans) 0.61 0.73 0.49 0.72 1.20 10.00
QuickRatio 0.45 0.61 0.66 0.67 0.53 0.00
InventoryTurnoverRatio 12.58 11.64 21.91 11.09 10.62
March' March' March' March' March'
PAYOUTRATIOS 07 08 09 10 11
DividendpayoutRatio(Net
Profit) 37.12 9.72 38.66 37.65 37.32 NetProfitMargin(%)
DividendpayoutRatio(Cash OperatingMargin(%)
Profit) 24.73 5.74 15.70 20.82 18.02
AdjustedReturnOnNetWorth(%)
EarningRetentionRatio 68.82 88.64 88.75 72.27 64.95
CashEarningsRetentionRatio 78.05 93.73 92.11 82.62 82.52 ReturnOnlongTermFunds(%)
COVERAGERATIOS
AdjustedCashFlowTime
TotalDebt 3.55 6.13 5.87 6.67 5.75
FinancialChargesCoverage LiquidityRatio
Ratio 9.40 6.15 2.78 5.11 4.70
Fin.ChargesCov.Ratio(Post
Tax) 6.68 4.98 1.84 3.75 3.91
COMPONENTRATIOS
MaterialCostComponent(%
earnings) 91.90 92.31 90.98 94.73 93.09
SellingCostComponent 1.94 1.86 1.80 2.15 0.00
ExportsaspercentofTotal
March' March' March' March' March'
Sales 5.78 6.75 4.89 8.56 8.17 07 08 09 10 11
ImportComp.inRawMat.
Consumed 72.14 70.99 72.72 72.07 74.90
Longtermassets/Total
Assets 0.56 0.51 0.63 0.52 0.50 CurrentRatio QuickRatio
BonusComponentInEquity
Capital(%) 76.61 76.61 76.61 76.61 76.61

Page10
RatioAnalysis
September'
Particulars(Quarterly) June'10 10 December'10 March'11 June'11
PERSHARERATIOS QuarterlyProfitMargin
OperatingIncomePer
Share(Rs.) 946.85 1252.20 1014.71 980.11 1276.20
OperatingProfitPer
Share(Rs.) (30.01) 60.15 29.29 83.53 (48.04)
AdjustedEPS(Rs.) (47.52) 25.87 5.18 59.25 (70.86)
PROFITABILITYRATIOS
OPM(%) (4.10) 7.01 2.04 3.67 (4.69)
GPM(%) (3.81) 7.62 2.12 4.06 (4.44)
NPM(%) (4.97) 5.95 0.50 2.04 (5.50)

OPM(%) GPM(%) NPM(%)


TTMAnalysis
Particulars(Rs.InCr) March'11 %ofSales June'11 %ofSales Growth(%)
Sales 151625.19 100.00 163532.28 100.00 7.85
Less:Excise 0.00 0.00 0.00 0.00 NA
NetSales 151625.19 100.00 163532.28 100.00 7.85
OtherIncome 1674.84 1.10 1781.28 1.09 6.36 TTMGrowth(%)
TotalIncome 153300.03 101.10 165313.56 101.09 7.84 7.85 8.55

StockAdjustment (2056.05) (1.36) (2364.75) (1.45) 15.01


RawMaterial 62730.40 41.37 66642.39 40.75 6.24
PowerAndFuel 0.00 0.00 0.00 0.00 NA
EmployeeExpenses 2802.85 1.85 2919.05 1.78 4.15 (12.61)
AdminAndSellingExpenses 0.00 0.00 0.00 0.00 NA (21.10)
ResearchAndDevlopmentExpe 0.00 0.00 0.00 0.00 NA
ExpensesCapitalised 0.00 0.00 0.00 0.00 NA
(34.97)
OtherExpeses 84654.00 55.83 93599.93 57.24 10.57
TotalExpenses 148131.20 97.70 160796.62 98.33 8.55
EBDITA 5168.83 3.41 4516.94 2.76 (12.61) (54.55)

ProvisionsMade
Depreciation 1655.40 1.09 1744.73 1.07 5.40
TTMEPS&SPS(%)
EBIT 3513.43 2.32 2772.21 1.70 (21.10)
Interest 1100.78 0.73 1203.35 0.74 9.32
EBT 2412.65 1.59 1568.86 0.96 (34.97)
Taxation 865.97 0.57 865.97 0.53 0.00
NetProfit/Loss 1546.68 1.02 702.89 0.43 (54.55)
ExtraOrdinaryItem 0.00 0.00 0.00 0.00 NA
PriorYearAdjustments 0.00 0.00 0.00 0.00 NA

TTMEPS 42.78 19.44 1.51


TTMSPS 4193.87 4523.21 0.22

March'11 June'11

Page11
TechnicalAnalysis

PriceChart
720.00 700000.00
700.00 600000.00
680.00
500000.00
660.00
640.00 400000.00
620.00 300000.00
600.00
200000.00
580.00
560.00 100000.00

540.00 0.00
19May 28Jul

Volume Close EMA(200) EMA(50)

20.00
15.00
10.00
5.00
0.00

MACD Signalline

80
60
40
20
0

RSI(14)

TechnicalIndicators
Price 662.15 ASOn: 09/09/2011
EMA(13) 675.21 ADX 22
EMA(26) 667.52 DX 20
EMA(50) 655.07 +DI 14
EMA(200) 626.48 DI 21
RSI(14) 47.55 %K(Fast) 0
MACD 7.69 %K(Slow) 16.67
William(%R) 100.00 %d(Slow) 14.1

Page12